Thursday, September 20, 2018

The Man Who Killed Galloping Price Inflation in the US is Coming Out With a Book

Volcker was Chairman of the Federal Reserve from August 1979 to August 1987.

He single-handedly halted the high levels of price inflation seen in theUnited States during the 1970s and early 1980s, by ending the great Federal Reserve money printing explosion of the time and raising interest rates to double-digit levels. In August of 1981, the interest rate on 90-day Treasury Bills hit 15.52%

But make no mistake, Volcker has always been an establishment man out of the Rockefeller ambit and in August of 1982, after price inflation was under control, he opened up the money spigots once again which ushered in another Federal Reserve-manipulated boom.

From the book's blurb:

The extraordinary life story of the former chairman of the Federal Reserve, whose absolute integrity provides the inspiration we need as our constitutional system and political tradition are being tested to the breaking point.

As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world's faith in central bankers. That extraordinary feat was just one pivotal episode in a decades-long career serving six presidents.

Told with wit, humor, and down-to-earth erudition, the narrative of Volcker's career illuminates the changes that have taken place in American life, government, and the economy since World War II. He vibrantly illustrates the crises he managed alongside the world's leading politicians, central bankers, and financiers. Yet he first found his model for competent and ethical governance in his father, the town manager of Teaneck, NJ, who instilled Volcker's dedication to absolute integrity and his "three verities" of stable prices, sound finance, and good government.

2 comments:

Yeah, he may be a Rockefeller guy, but "Tall Paul" was a mensch when we needed one. So, in fact, was the underappreciated Jimmy Carter. Jimmy let him do it, and in so doing fell on his own sword, guaranteeing a one term presidency.